Product
Eligible Properties
- Market Rate Multifamily
- Student Housing
- Age Restriction Multifamily
Target Markets
- Virginia
- North Carolina
- South Carolina
- Georgia
- Florida
- Colorado
- New Mexico
- Tennessee
- Kentucky
- Alabama
- Texas
- Arizona
- Utah
- Nevada
Financing Parameters
TIMING TO CLOSE
60 - 90 Days
LOAN SIZE
$10MM to $150MM
LTV
Up to 75% LTV "as-Stabilized" / 80% LTC of Total Project Costs
LIEN POSITION
First Mortgage
LOAN TERM
2+1 or 2+1+1 or 3+1+1
EXTENSIONS
Multple 1 Year or 6 Month extensions, subject to performance hurdles
INTEREST RATE
CME TERM SOFR + 600 – 800bps
AMORTIZATION
Interest - Only
DEBT YIELD
Debt Service Reserve will be calculated on a Case-by-Case Basis.
RECOURSE
Non-Recourse, other than standard "bad boy acts"; Completion Guaranty may be required
DEPOSITS
Expense Deposit adequate to cover third party reports, legal fees and other customary deal costs
ORIGINATION & EXIT FEES
Market Competitive fees adjusted to loan size, timing and
complexity